Good evening StockBandits!
The market spent the day in a mostly uneventful trading range with only minor net changes across the board. Light volume contributed to the lack of momentum, as early modest gains were given back in the afternoon before a late-day bounce essentially returned the indexes back to Friday’s closing levels. It had the feel of a waiting game in which nobody blinked.
So little has changed for the overall picture, and the primary item of concern remains the multi-week trading ranges which we have been watching so closely of late. A closing breakout will be needed in order to technically trust a move through resistance, and ideally that would be accompanied by a surge in volume. However, selectivity and shortened timeframes is still my mantra until that occurs. There are some swing candidates tonight, but overall I’m sure not looking to load the boat yet in either direction.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: VMED, SWSI, WY, LFT, ALB, MRX, XOP, UNM, ECA, HAR, WX, CBT
Swing Trading Candidates:
WX has been trending higher in a stair-step fashion, and over the past week has pulled back gradually from its high. This has created a small descending trend line, which I’ll be using as a pivot for a buy at $17.10.
CBT has based in a high channel for a couple of months now, and currently is sitting just a short distance from a breakout. I’ll be a buyer if resistance is cleared with a push through $25.05, and will have a tight stop expecting a breakout to produce follow through quickly.
Bullish Watch:
ACL, LFT, SNIC, VMED, CHKP, CYD, DDS, IOC, SWSI, WY, ALB, FMCN, TSL, MRX, WX, WCRX, HRBN, CBS, CBT, VECO
Bearish Watch:
WFMI, BEN, WYNN, FLR, UNM, AIG, JEF, XOP, BIDU, CEDC, ECA, SII, NFX, GS, HAR, EXPE
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
